Sears Canada Q3 Results ‘Disappointing’ Says CEO Boire

Sears Canada Inc. on Tuesday announced that revenue for the 13-week period ended November 1, 2014 were $834.5 million compared with revenue of $982.3 million for the 13-week period ended November 2, 2013. Same store sales decreased by 9.5%.

The net loss for the third quarter of 2014 was $118.7 million compared to a net loss of $48.8 million for the third quarter of the prior year.

Total revenues for the 39-week period ended November 1, 2014 were $2.45 billion compared to $2.8 billion for the 39-week period ended November 2, 2013. Same store sales decreased by eight percent. Net loss for the 39-week period of 2014 was $215.2 million compared to net earnings of $72.8 million for the comparable 39-week period in 2013. 

“These results are disappointing, and the management team is focused on making Sears Canada successful first and foremost by building on its relationship with Canadians by providing great fashionable product made of high quality at affordable prices,” said Ron Boire, acting president, CEO/Sears Canada Inc.